Sindh Bank's pre-tax profit grows 62.9 percent for first half

A meeting of the Board of Directors of Sindh Bank Limited was held at the Bank's Head Office on August 12, in which the un-audited accounts for the half year ended June 30, 2015 were approved.
The Board noted that during the period, the Bank recorded significant growth in all the key performance areas. Total deposits increased by 33.7 percent to Rs 82.763 billion over the year end 2014 position, whereas number of customer accounts stood at 251,000 plus, as against 166,000 as on December 31, 2014, depicting an addition of over 85,000 accounts ie 51 percent increase.
Gross Advances amounted to Rs 43.074 billion as on June 30, against Rs 41.185 billion as on December 31, 2014 registering an increase of 4.6 percent while investment at Rs 7.034 billion, comprising mainly of Government Securities, increased by 11.8 percent.
Pre-tax profit for the period stood at Rs 1,017 million as compared to Rs 624 million earned in the corresponding period of 2014, thus registering an increase of 62.9 percent. JCR-VIS Credit Rating Company has maintained the Bank's medium to long term entity rating of 'AA' (Double A) and short-term rating of 'A-1+', with a stable outlook.
The bank now has 225 branches in 111 cities across Pakistan, including five Islamic Banking branches. Additionally 25 branches, including eight dedicated branches for Islamic banking, are to be opened by the year end, to make a total of 250 branches. 55 ATMs were added to the network during the period, while launch of the China Union Pay Debit Card was successfully achieved. The Bank also plans to offer the most popular and widely used VISA Debit Card for its customers in the second half of the year.
Exposure to Agri sector as on June 30, amounted to Rs 2,625 million against 6,655 farmers as compared to Rs 2,106 million on 5,539 farmers as on December 31, 2014. Sindh Bank, since its inception, has been active in supporting projects that have an impact on betterment of humanity at large and aims to be recognised as a responsible corporate entity. Considering the world class facilities being provided by Sindh Institute of Urology and Transplantation (SIUT) which is one of the most reputed medical institutions in the South Asian region, the Board approved a donation of Rs 5 million. Sindh Microfinance Bank, a wholly owned subsidiary of Sindh Bank, has received the Certificate of Incorporation from SECP on March 27, and the banking license from SBP is expected shortly.-PR